In order for a small-business order to price her products or services correctly, she must be able to understand what impact that price will have on demand. In some cases, demand will rise or fall with ...

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Abstract: The level of secondary reserve needed in a power system is traditionally settled by system operators according to engineering criteria. This paper proposes a novel methodology to determine ...

It seems demand side considerations plays around the world an increasing role. I think we could add a few examples illustrating how to model: A. Elastic demand. As indicated in the image, this can be ...

The theory of monopoly price has been generally superseded in the literature by the theories of “monopolistic” or “imperfect” competition.71 As against the older theory, the latter have the advantage ...

The big story of the weekend was that a meeting of OPEC and non-OPEC producers, at which an agreement was supposed to be signed to freeze oil production at recent levels, ended without an agreement ...